Dar Al-Arkan Q1 net profit down 18.8pc

Riyadh, April 10, 2013

Saudi Arabia's top real estate developer Dar Al-Arkan said on Wednesday its first quarter net profit fell 18.8 percent from the same period last year to 238 million riyals ($63.5 million), although it still beat analyst forecasts.

The company blamed its year-on-year drop in profit on lower non-operating income and higher expenses in a statement it posted on the website of the Saudi bourse.

Six analysts polled by Reuters had forecast, on average, that Dar al-Arkan would have first-quarter net profit of 256 million riyals. - Reuters